With most assets in the Red during a global market downturn, the flagship cryptocurrency asset, Bitcoin, has plunged to $60,661.
Following the slump, the total market capitalisation of the cryptocurrency industry fell by an astounding $70 billion.
For the first time in many weeks, Bitcoin dropped below $60,000 before somewhat rising to $60,661 at the time of the publication. The same thing happened to altcoins, with ETH falling below $2,900 and SOL, DOGE, and BCH plunging 6-7%.
Using Bitcoin for the week Following a short roller coaster last weekend, Bitcoin reached a seven-week high of $70,000 after prominent figures, including Michael Saylor, Senator Lummis, and Donald Trump, made pro-crypto remarks at the Bitcoin Conference in Nashville.
Shortly after, the asset was unloaded by $4,000 to settle at $66,000, ending the 70,000 price level. Bitcoin fell from $66,000 to $62,000 on Friday as a result of news that the US jobless rate has reached its highest point since 2021.
Over the weekend, the general crypto market turned red and Bitcoin plunged to below $60,000 along with risky US stocks. Nonetheless, at the time of the report, it had somewhat recovered to $60,661. Right now, the market capitalisation of Bitcoin is less than $1.2 trillion.
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Bitcoin’s current state
At the time of the report made available to BrandSpur digital platform, with a top price of $62,161 and a minimum price of $59,909, Bitcoin is currently trading for $60,661, down 1.7% over the past day.
The cryptocurrency asset has lost 10% over the past seven days and 17.7% since reaching its peak of $73,737.
The overall market outage that occurred over the weekend also had a significant impact on altcoins. There is a lengthy history of cryptocurrencies responding to the performance of Bitcoin.
Among the altcoins with significant market capitalisations, the biggest losers over the weekend were SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).
Both Ethereum and Binance currencies saw price declines; at the time of reporting, Ethereum had dipped to $2,890 before rising to $2,907, and Binance had dropped to $523 before falling much lower to $349.
Continuing, it is pertinent to know that after the general market decline, the total market capitalisation of cryptocurrencies fell by an astounding $70 billion, to $2.230 trillion. At the time of this study, the top 19 cryptocurrency assets by market capitalisation are all shown in red. Over the past day, the total market capitalisation of cryptocurrencies has decreased by 2.4%.
According to Coingecko data, Bitcoin continues to hold a reasonable lead over other cryptocurrencies despite the overall market decline. According to the crypto analytics portal, Bitcoin now holds a 53.2% market share over altcoins.
